Have you ever considered how you would maintain your lifestyle in the event of a long term absence from work as a result of illness or injury?
Do you know how long your company will continue to pay you for in the event of a long term absence from work?
We take for granted that a sum of money will land into our bank accounts every month that will in turn help to pay the mortgage, car loan, credit card bill, school/crèche fees, food & utility bills, pension & insurance premiums, holidays, clothing, our social life, and maybe even a little left over for some rainy day savings…the list goes on.
Your income is your biggest asset
Without this, the social welfare benefit (if you are entitled to it!), will often fall short of you and your family’s financial requirements.
Income Protection insurance offers a solution to this potential eventuality. If you are unable to work for a prolonged period as a result of illness or injury this benefit will pay out until such time as you can return to work, or you reach retirement age.
- You can insure up to 75% of your income (less the social welfare illness benefit if you are entitled to it)
- Income Protection is surprisingly affordable. A little cover could go a long way towards making sure that you’d be financially secure if you are ill or injured.
- And don’t forget, tax relief at your marginal rate is available on personal premiums – so on a €100 per month premium the net cost to a 41% rate payer will be only €59.
Did you know?
- You have a 1 in 6 chance of being off work for 6 months or longer
- Almost 50% of illness claims last longer than 5 years
- Only 15% of private sector employees are entitled to sick pay from their employers for more than 6 months